Unity Bank reports N10.661 billion PAT in Q3 2010 result

By Yakubu LAAH investadvocate

Oct 20 2010 17.03GMT

Lagos (INVESTADVOCATE)-Unity Bank Plc has reported N10.661 billion Profit After Tax (PAT) in its third Quarter (Q3) Report for the period ended September 30 2010.

This was contained in the Bank’s Result Announcement Wednesday October 20 2010 released on the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

To post this result in the period under review, Unity Bank posted a negative of N11.905 billion in Q3 of year 2009 compared to N10.661 it recorded in the same period of year 2010; indicating a loss 189.99 percent (-189.99%).


While the Bank also recorded a -192.21% loss in Profit Before Tax (PBT) when you compared the negative of N11.791 billion it posted in Q3 of year 2009 compared to N10.873 it reported in the same period of year 2010.


Gross Earnings of the Bank rose by 41.93% in the period under review. Unity Bank posted a Gross Earning of N41.626 billion in the Q3 of 2010 compared to N29.328 recorded in the Q3 of 2009.


As earlier reported, Unity Bank has increased its Capital Base to the mandatory minimum of N25 billion to operate as a Commercial Bank; after raising N17.34 billion through a Rights Issue.

In the same vein, the Bank grew its capital base to N42.98 billion as at September 30, 2010.

Prior to this time, the Bank had reported a Gross Earnings of about N45 billion at the Year Ended December 2009.


The bank also recorded Gross Earnings of about N27 billion in the second quarter (Q2) of year 2010 and a PAT of over N7 billion in the same period of year 2010.


Meanwhile First City Merchant Bank Plc (FCMB) has announced to the Stock Exchange of the appointment of new Directors on its Board.


Olusegun Odubogun has been appointed as an independent Director on the Board of the Bank. While Mustapha Damcida was appointed an alternate Director to Ibrahim Damcida.

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